Solaris Asset Management Lowers stake in Discover Financial Services (DFS)

Discover Financial Services (DFS) : Solaris Asset Management reduced its stake in Discover Financial Services by 2.61% during the most recent quarter end. The investment management company now holds a total of 72,716 shares of Discover Financial Services which is valued at $4,120,089 after selling 1,952 shares in Discover Financial Services , the firm said in a disclosure report filed with the SEC on Jul 26, 2016.Discover Financial Services makes up approximately 2.93% of Solaris Asset Management’s portfolio.

Other Hedge Funds, Including , Artemis Investment Management Llp added DFS to its portfolio by purchasing 40,200 company shares during the most recent quarter which is valued at $2,277,732. Discover Financial Services makes up approx 0.06% of Artemis Investment Management Llp’s portfolio.

Discover Financial Services closed down -0.04 points or -0.07% at $56.84 with 16,95,560 shares getting traded on Friday. Post opening the session at $56.68, the shares hit an intraday low of $56.12 and an intraday high of $57.08 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Discover Financial Services reported $1.47 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on Jul 19, 2016. Analyst had a consensus of $1.40. The company had revenue of $2216.00 million for the quarter, compared to analysts expectations of $2228.30 million. The company’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.33 EPS.

Investors should note that on Jul 14, 2016, Discover Financial Services announced a cash dividend of $0.3000. The company’s management has announced Aug 2, 2016 as the ex-dividend date and fixed the record date on Aug 4, 2016. The payable date has been fixed on Aug 18, 2016.

Many Wall Street Analysts have commented on Discover Financial Services. Company shares were Reiterated by RBC Capital Mkts on Jul 20, 2016 to “Top Pick”, Firm has raised the Price Target to $ 73 from a previous price target of $68 .Discover Financial Services was Downgraded by Macquarie to ” Neutral” on May 11, 2016.

Discover Financial Services (DFS) is a direct banking and payment services company. The Company is a bank holding company as well as a financial holding company. The Company provides direct banking products and services and payment services through its subsidiaries. The Company manages its business activities in two segments: Direct Banking and Payment Services. Direct Banking segment includes consumer banking and lending products specifically Discover-branded credit cards issued to individuals and small businesses on the Discover Network and other consumer banking products and services including private student loans personal loans home loans home equity loans prepaid cards and other consumer lending and deposit products. The Payment Services segment includes PULSE Diners Club and the Company’s network partners business which provides payment transaction processing and settlement services on the Discover Network.

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